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FAQs about retirement income calculator

You can retire at any age you choose, but there are a couple of key ages you need to take into consideration when you are looking to do so.

The first is the age you can access your superannuation, known as your preservation age. This is the minimum age that you can access your super when you are retiring, and can be between age 55, and age 60 depending on your date of birth. If you were born before 1 July 1960, then your preservation age is 55. If you were born on or after 1 July 1964, then your preservation age is 60 years. If you were born after July 1960 and before July 1964, then your preservation age will be 56, 57, 58 or 59 years respectively.

Under normal circumstances, accessing your super benefits requires you to meet two conditions:

Reaching your preservation age

Retiring from the workforce

Note: If you withdraw your superannuation before the age of 60, your benefit payment may be subject to tax.

The second is your Age Pension age. This is the age at which you are eligible to apply for the Age Pension. This also depends on your date of birth.

If you were born before July 1952, your Age Pension age is 65 years. If you were born on or after 1 July 1952, then your Age Pension age will be between 65.5 years and 67 years, depending on your specific date of birth. The table below provides your Pension eligibility Age based on your year of birth.

Your retirement is completely up to you, and what you want in retirement today could change over time. Today it is important to think about what type of retirement you may like and how much money you will need to help you enjoy it. Find out more about how to build your super.

A bit like your fitness routine, it is important to monitor your super regularly. Review where your money is invested, the fees you are paying, the performance of the fund, and your insurance to see how it aligns to your other financial products.

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This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. Please consider your own personal financial circumstances and consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before taking any action in relation to your superannuation, making a contribution, or asking your employer to contribute to Virgin Money Super for you. You should consider the suitability of superannuation and Virgin Money Super’s Product Disclosure Statement before making a decision on your superannuation investments, making a contribution, or asking your employer to contribute to Virgin Money Super for you. For further information about the insurance options refer to the Insurance Guide.

The Superannuation Fees described on the Fees page apply from 12 December 2016. Here you’ll find the official SIS Act definitions for each fee type.

While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees. You should consider the relevant Product Disclosure Statement. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial adviser before making a decision about whether Virgin Money Super fits your objectives, financial situation and needs. If you are considering making voluntary contributions into your Virgin Money Super account, you should consider your personal circumstances, the impact of such contributions to your contribution caps, as well as associated taxation issues before making any decision on making voluntary contributions. Concessional tax rates do not apply on contributions which exceed government contribution limits. See the ‘How Super is Taxed’ section of the Virgin Money Super Product Guide and the contribution fact sheet on our website for more information about contribution types and limits.

It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund.

Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 (Virgin Money) provides and operates Virgin Money's Super Engagement Program. To earn and redeem Velocity Points, you must be a Velocity member. Velocity Frequent Flyer issues Velocity Points on instruction from Virgin Money. Velocity is not responsible for the material in this document and does not hold an AFSL. Velocity membership and Points earn and redemption are subject to the Member Terms and Conditions, available at www.velocityfrequentflyer.com, as amended from time to time. Virgin Money reserves the right to change or withdraw Virgin Money’s Super Engagement Program at any time in line with the Terms & Conditions.

For Employers

The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO. As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.

QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.

SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.

The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2017-2018 Financial Year.

Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 30 September 2018. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.

The median results are provided by SuperRatings and are current as at 30 September 2018 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.

Eligibility criteria and fees apply. Aged 15-64 Death and Total and Permanent Disability cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.

The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.

Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 (Virgin Money) provides and operates Virgin Money's Super Engagement Program. To earn and redeem Velocity Points, you must be a Velocity member. Velocity Frequent Flyer issues Velocity Points on instruction from Virgin Money. Velocity is not responsible for the material in this document and does not hold an AFSL. Velocity membership and Points earn and redemption are subject to the Member Terms and Conditions, available at www.velocityfrequentflyer.com, as amended from time to time. Virgin Money reserves the right to change or withdraw Virgin Money’s Super Engagement Program at any time in line with the Terms & Conditions.

Velocity Points are available to new and existing Virgin Money Super customers. 1 Velocity Frequent Flyer Point will be awarded for every $5 of Net Super contribution during the Points Earn Period. The maximum number of Velocity Points you may earn in respect of any financial year is 250,000 Velocity Points. The number of Velocity Points Virgin Money will allocate to you for a Points Earn Period is based on the net contributions in your Virgin Money Super account during that period. Points are allocated to your account approximately 3½ months after the Points Period end. See Virgin Money’s Super Engagement Program Page for more details. To be eligible to earn Velocity Points for a given Points Earn Period, you must be a member of Virgin Money Super on the relevant Points Issue Date, you must have updated your Virgin Money Super account with your Velocity membership number, name and surname before the last business day of the relevant Points Earn Period; you must have had a superannuation guarantee contribution or a voluntary contribution received into your Virgin Money Super account during the relevant Points Earn Period and you must be an individual who is an Australian permanent resident or citizen and you must be an active member of Velocity Frequent Flyer. You must not have made a rollover out of your Virgin Money Super account in the 18 months before the relevant Points Issue Date.

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees. You should consider our Product Disclosure Statement. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial adviser before making a decision about whether Virgin Money Super fits your objectives, financial situation and needs. If you are considering making voluntary contributions into your Virgin Money Super account, you should consider your personal circumstances, the impact of such contributions to your contribution caps, as well as associated taxation issues before making any decision on making voluntary contributions. Concessional tax rates do not apply on contributions which exceed government contribution limits. See the ‘How Super is Taxed’ section of the Virgin Money Super Product Guide and the contribution fact sheet on our website for more information about contribution types and limits.